China's foreign-currency reserves drop $99.47 bln

BEIJING--China's foreign-exchange reserves shrank for the third straight month in January, dropping to the lowest level in more than three years, according to data from the People's Bank of China on Sunday.

The foreign-exchange reserves fell by $99.469 billion from the previous month to $3.231 trillion, with capital continuing to leave the shores of the world's second largest economy as investors became increasingly jittery about the health of China's economy and the likelihood of further depreciation of its currency.

The figures follow a record plunge of $107.9 billion in Beijing's foreign-exchange reserves in December, after the central bank spent substantial amounts of dollars to support the weakening yuan amid fears over China's slowdown and the onset of higher interest rates in the U.S.

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